Is Morris Township, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Morris Township has remained a Seller's Market.
Housing Prices in Morris Township, NJ
How much do homes in Morris Township, NJ cost?
Median Sold Price
$775,000
$300/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Morris Township was $775,000 in March 2024, up 3.3% from last year, and the median price per square foot was $300.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $285K | N/A |
2 Bedrooms | $505K | $559K | +10.7% |
3 Bedrooms | $675K | $763K | +13.0% |
4 Bedrooms | $784.5K | $845K | +7.7% |
5+ Bedrooms | $1.2M | $1.0M | -12.2% |
Summary: Morris Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 10.7%, 3 bedroom homes increased by 13%, 4 bedroom homes increased by 7.7%, and 5+ bedroom homes decreased by 12.2%.
Median Sold Price Compared To Nearby Cities
Morris Plains | $610K | $662K | +8.5% |
Cedar Knolls | $525K | $550.1K | +4.8% |
Morristown | $719.8K | $750K | +4.2% |
Morris Township | $750K | $775K | +3.3% |
Housing Supply in Morris Township, NJ
How many homes are available in Morris Township, NJ?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
46 | 58 | +26.1% |
Summary: The Morris Township real estate market had 58 homes for sale in March 2024, a 26.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 5 | 6 | +20.0% |
3 Bedrooms | 24 | 25 | +4.2% |
4 Bedrooms | 12 | 19 | +58.3% |
5+ Bedrooms | 4 | 7 | +75.0% |
Summary: The Morris Township housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 20%, 3 bedroom homes increased by 4.2%, 4 bedroom homes increased by 58.3%, and 5+ bedroom homes increased by 75%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
8 | 10 | +25.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 10 homes were sold or pending in Morris Township in March 2024, up by 25.0% month-over-month. Of the 10 sold homes, 30% were sold under asking, 30% were sold at asking, and 40% were sold over asking.
Days on Market for Morris Township, NJ
We’re sorry, we don't have information for this market at the moment